Lloyds Banking Group has agreed to sell its stake in housebuilder Crest Nicholson to US investment fund Varde.

The move is part of the British bailed-out bank’s plan to shed its non-core assets to refocus on its core activities.

Lloyds holds approximately 25% of Crest’s debt and 30% of its equity, which according to The Financial Times would have a combined nominal value of about $232m.

Recently, Varde also acquired a small stake in Crest from Royal Bank of Scotland.

Lloyds’ disposal of Crest Nicholson stake follows its sales of its private equity business to Coller Capital for £332m, and its Ecuadorian branch assets for $25m.